Oman Banking FAQ
How do I open a bank account in Oman?
Opening a bank account requires a valid residence card or passport, a salary certificate or employment contract, proof of address, and completed application forms. Some banks offer account opening for new arrivals with a valid work visa and employment letter. The process typically takes 2 to 5 business days.
What types of bank accounts are available?
Omani banks offer current accounts (for daily transactions), savings accounts (with interest/profit), fixed deposit accounts, salary accounts (linked to employer payroll), and non-resident accounts for individuals not residing in Oman. Both conventional and Islamic account options are available.
What is Islamic banking in Oman?
Islamic banking operates according to Sharia principles prohibiting interest (riba) and speculative activities. Instead of interest, Islamic banks use profit-sharing, leasing, and cost-plus financing structures. Bank Nizwa and Alizz Islamic Bank are full-service Islamic banks, and most conventional banks offer Islamic windows.
Are there international bank branches in Oman?
Yes, international banks operating in Oman include HSBC (through HSBC Oman, a locally listed entity), Standard Chartered, and several regional banks. These banks offer corporate banking, trade finance, and wealth management services alongside local banking institutions.
What digital banking services are available?
All major Omani banks offer mobile banking apps with features including account management, fund transfers, bill payments, card management, and cheque deposits. Contactless payment through NFC-enabled cards and mobile wallets is widely available. Online banking portals provide comprehensive financial management.
How do remittances work?
Remittances can be sent through banks or licensed exchange houses. Major exchange houses include Lulu Exchange, Al Mulla Exchange, and Oman Exchange. Transfers can be made via SWIFT, Western Union, or digital platforms. Exchange houses typically offer competitive rates for high-volume corridors.
What are the typical bank fees?
Monthly account maintenance fees range from OMR 0 to OMR 5 depending on the account type and bank. ATM withdrawals from other banks may incur fees of OMR 0.200 to OMR 0.500. International transfer fees vary by bank and destination. Many salary accounts waive monthly fees.
Is there deposit insurance?
The Central Bank of Oman established the Deposit Insurance Scheme protecting deposits up to OMR 20,000 per depositor per bank. The scheme covers both conventional and Islamic banking deposits, providing consumer confidence in the banking system.
Can tourists open bank accounts?
Tourists generally cannot open bank accounts in Oman. However, non-resident accounts are available for individuals with property ownership or business interests in Oman. These accounts require additional documentation and may have minimum balance requirements.
What lending products are available?
Banks offer personal loans, home loans (mortgages), auto loans, and business financing. Maximum personal loan amounts are regulated by the Central Bank based on salary multiples. Home financing is available for both Omani nationals and qualifying foreign nationals purchasing in ITCs.